The ARA Group Benefits plan has proven to offer significant savings and stable renewals. The association group plan is insured by Sun Life and is one of the largest in Canada, covering over 3,000 employees and their families. All revenue generated by the plan is used to support the automotive industry through the ARA.
What is the difference of an association plan? The ARA employee benefits plans are self-administered by the association which runs as a not for profit. This means that members of the plan can use more plan for less cost than any other plan available outside of the association. For example, the ARA can obtain a target loss ratio (TLR) of 85%. This is 15-20% higher than most employee benefits plans offered in Saskatchewan.
What is a target loss ratio? It is essentially the percentage of premiums paid that can be used towards benefits. Most plans offer a TLR of 70%, while the other 30% goes to administration costs, commissions, etc. Since ARA self-administers, it can increase your TLR by 15% meaning employees can use more of the plan without the worry of seeing an increase in premiums the following year.
What does this all mean for SAAR members? Well to start, it is the opportunity to participate in one of the largest, longest running and most stable association plans in Canada. You have the chance to get more out of your group benefits plan while saving money along the way. So far, we have seen a 5-25% savings in premiums along with many improvements to current benefit plans. We encourage you to take full advantage of this opportunity.
How do I get on the plan? First, we would gather information and supply you with a quote. We will provide you with a comparison if you currently have a plan. We will also help you to analyze your plan to ensure you have the coverage you and your employees need. If you feel satisfied, we will implement the new plan the following month. If you wish, getting a quote is free and only takes about 10 minutes out of your day to supply us with the proper information.
If you wish to obtain a free quote and comparison, please feel free to contact one of our team members and we will happily help.
We look forward to working with you!
Leslie DeBoice Lee Campbell Ken Campbell
306-649-4000 x.111 306-649-4000 x.104 306-649-4000 x. 103
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